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IL Special Depreciation Subtraction
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bob4
Level 2
02-04-2023
03:42 PM
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A heads up to anyone with an IL partnership with pre-2021 special 100% depreciation deductions. Lacerte22 is calculating a depreciation subtraction on the IL return in error. You will need to override the deduction per customer service, as the software does this calculation automatically - yes, even though it's incorrect.
Client had assets placed in service pre-2021 where 100% special deduction had been utilized. Federal depreciation and IL depreciation were the same in those prior years, as IL had not decoupled from 100% special depreciation at that point. Decoupling happened for years ending 12/31/21 and later.
Looking back to 2021 returns, this error appears to not be present. I haven't had the opportunity to check other return types.
My PSA for the day...
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3 Comments 3
fdznavcpa
Level 3
02-05-2023
03:07 PM
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Can someone from Lacerte please verify...
bob4
Level 2
02-05-2023
04:58 PM
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This was confirmed with customer support prior to my original post...
sjrcpa
Level 15
02-06-2023
12:47 PM
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@fdznavcpa You'll need to verify it yourself or take Bob's word for it. People from Lacerte rarely come here.
The more I know, the more I don't know.
